Chasen Holdings has reported earnings of $33.2 million for the FY2025 ended March 31, reversing from its loss of $6.6 million in FY2024.

Earnings per share (EPS) stood at 8.95 cents on a fully diluted basis.

This year’s bottomline was mainly propped up by the operations and divestment of CZ Group, which was sold to Kuehne + Nagel (Asia Pacific) Holding Pte. Ltd. in July 2024. The divestment resulted in a gain on disposal of $45.1 million, bringing earnings attributable to discontinued operations to $46.3 million.

The disposal more than offset the loss attributable to continuing operations of $11.8 million.

FY2025 revenue grew by 22% y-o-y to $116.3 million mainly driven by higher revenue from Chasen’s specialist relocation segment in the US after clinching a multi-million dollar relocation service contract from an EV battery manufacturer in May 2024.

FY2025 revenue for continuing operations increased by 66% y-o-y to $21.2 million mainly from the specialist relocation segment as well.

Overall gross profit for the year surged by 66% y-o-y to $21.2 million mainly due to the higher revenue from the group’s specialist relocation segment.

Other operating income increased by 44% y-o-y to $6.1 million mainly from the gain on disposal of Suzhou Promax Communication Technology Co. Ltd. (PMXC), which constitutes the group’s technical and engineering segment and offset by lower foreign exchange (forex) gain.

The group’s continued operations reported higher distribution and selling expenses, other operating expenses, as well as higher taxes.

No final dividend has been recommended for the year, although a special dividend of 3 cents from the disposal of CZ Group was declared in November last year and paid in December.

As at March 31, cash and cash equivalents stood at $23.9 million.

Looking ahead, the group says it remains 「cautiously optimistic」 with its specialist relocation segment 「well positioned」 to benefit from the semiconductor industry, especially from increasing demand from data centres and advancements in artificial intelligence (AI).

The group also sees its technical & engineering segment being 「increasingly aligned」 with global solar and renewable energy markets. At the same time, the group’s third-party logistics segment will adopt a 「more cautious approach」 to secure new projects and focus on containing costs amid the current economic slowdown and project delays.

"In FY2025, Chasen Group sustained our momentum, resulting in revenue and gross profit growth from our continuing operations despite a challenging global economy,」 says Low Weng Fatt, Chasen’s managing director and CEO.

「Our strategic divestment of CZ Group was a timely decision that streamlined our portfolio, allowing us to focus on our new Chasen Logistics Hub and other remaining businesses,」 he adds. 「We are particularly encouraged by our specialist relocation segment and its potential to leverage new industry trends. We remain committed to operational efficiency, prudent resource allocation, and strategic market engagement to drive longterm shareholder value.」

Shares in Chasen closed at 6.6 cents on May 29.